Four and a half years after crisis conditions erupted, nothing's been done to resolve them. The smartest guys around haven't fixed things.

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On June 14, rumors circulated about coordinated central bank intervention. European banks are especially troubled. Recapitalizing them hasn't worked.

Expecting more of the same to accomplish what hasn't so far worked is another way of defining failure.

Along with talk of more stimulus, Egan-Jones Ratings, an independent NRSRO (Nationally Recognized Statistical Rating Organization), downgraded French sovereign debt from A- to BBB+ with a negative outlook. Doing so shows core European weakness.

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Dutch banks were also downgraded. So were Spanish ones and sovereign Spanish and Cyprus debt. Both countries approach junk status.